Chubb 3Q results top analysts' expectations
WARREN, N.J. (AP) — Property and casualty insurer Chubb's third-quarter net income more than doubled, benefiting from fewer losses from catastrophes, rate increases and a strong underwriting performance.
The company also raised its full-year operating income forecast.
Chubb reported $17 million in catastrophe losses during the quarter. That compares with $420 million in the prior-year period, which includes a number of bad weather-related events such as hurricanes.
For the period ended Sept. 30, the company earned $533 million, or $1.98 per share. That's up from $252 million, or $1.04 per share, a year ago.
Taking out investment gains and losses, operating income was also $1.98 per share.
Analysts predicted $1.47 per share, according to a FactSet poll.
Net premiums written climbed to $2.91 billion from $2.88 billion.
Chubb Corp. now expects 2012 operating income of $6.70 to $6.80 per share, up from a range of $5.70 to $5.95 per share.
Analysts forecast $6.05 per share.
The company's stock shed 92 cents to $78.47 in afternoon trading on Friday.